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Washington Payday Loans

Washington State is one of the most beautiful states in the country, in fact it has more glaciers than all the other contiguous states combined. Washington is the only state named for a United States president and it is home to Mount St. Helen. The mountain lost over 1,100 feet in height when it erupted in 1980 sending an ash cloud across the United States. Washington also produces more apples than any other state in the nation and Seattle is home to the first revolving restaurant.

Anyone making payday loans of up to $500 for 31 days or less in the State of Washington must pay a fee and obtain a business license from the state. The lender must also post a surety bond and pay an annual assessment fee to the state. Payday lenders must not only display their license in their place of business, they must also post a schedule of fees according to Washington state law. The laws of Washington are designed with consumer protection in mind. Any lender violating the laws is guilty of a misdemeanor. The laws are designed to combat, but are not limited to, unfair and deceptive practices.

Maximum Loan Amount

The loan must not total more than $500 to fall into the short term loan category.

Loan Terms

Loan terms are not to exceed 31 days. If they do they are no longer considered short term loans.

Extensions

Loans cannot be deferred beyond 31 days therefore extensions and rollovers are not allowed.

Fees and Charges

State law allows lenders to charge no more than 15 percent of the face value of the loan in fees and charges.